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TATA AIA Life Insurance Secure 7 Plan

Tata AIA Secure 7 is a Non Linked Non Participating Endowment Assurance Plan offered by Tata AIA Life Insurance Company Limited (Tata AIA Life). This plan ensures you get guaranteed returns for the money invested.

Tata AIA Life is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). One of the fastest growing companies in the Life Insurance sector, Tata AIA Life is now ranked No. 5, based on individual weighted new business premium. For the financial year 2018-19, Tata AIA Life has written retail new business weighted premium of Rs. 2,232 crores.

Note: All information has been sourced from the official website of Tata AIA Life.

The Mission and Vision of Tata AIA Life are:

  • To provide the best and simplest life and health insurance solutions
  • To be the pre-eminent protection provider - enabling dreams, inspiring healthier and happier lives

Features of Tata AIA Secure 7 Plan

The features of this plan are:

  • Guaranteed Annual Income - Pay for just 7 years and receive a guaranteed annual income for the next 7 years
  • This plan offers protection against the uncertainties of life for the entire policy term
  • Protection of the Guaranteed Annual Income against erosion due to inflation
  • Rider options
  • On maturity, 25% of the Basic Sum Assured is payable

Benefits of Tata AIA Secure 7 Plan

Guaranteed Annual Income - Under this plan, you are provided a regular steady inflow of income for your needs. The payout begins from the 8th policy anniversary and will continue till the 14th policy anniversary. GAI will begin initially at 50% of your annualised premium and will gradually build up to 150% of your annualised premium over the years, based on the GAI table below.

Policy AnniversaryGuaranteed Annual Income p.a. as % of Annualised Premium
850%
970%
1090%
11100%
12110%
13130%
14150%

Maturity Benefit - On maturity, 25% of the Basic Sum Assured will be paid to the policyholder. The last installment of Guaranteed Annual Income will be paid as due along with the above mentioned maturity benefit.

Death Benefit - In case of death of the policyholder, the Sum Assured on death is payable to the nominee/legal heir. The Sum Assured on death is the highest of the following:

  • 10 times the Annualised Premium
  • 105% of the Total Premiums Paid
  • Maturity Sum Assured
  • Basic Sum Assured

Flexibility of Additional Coverage - You have the option to customize this policy further with Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider. This rider ensures protection of your family by paying your nominee an amount equal to the rider sum assured in case of an accidental death. In case of severe dismemberment like loss of limbs or bodily functions or severe burns due to an accident, it will pay a percentage of the rider sum assured as per the ADDL benefit chart. Note: Premium Payment Term under this rider will be the same as premium paying term of the Base policy or (70-age at entry), whichever is lower. The Rider Policy Term will be equal to the Premium Payment Term under the Base Policy or up to the age 70 years of the insured whichever is earlier.

Benefit Illustration

Following are the benefits payable at the given ages for standard life & standard age proof:-

Eligibility Criteria

The eligibility criteria for this plan is:

12345678
Min entry age18 years
Max entry age 55 years
Max maturity age69 years
Policy Term14 years
Premium Payment Term 7 years
Minimum PremiumRs. 40,000* p.a.
Minimum Basic Sum AssuredRs. 2,50,000 (subject to minimum premium criteria and in multiples of Rs. 1,000)
Premium Payment ModeAnnual, Semi-annual, Quarterly or Monthly mode.
Large Sum Assured DiscountLarge Sum Assured Discount rates.

Tax Benefit - Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961 and life insurance proceeds enjoy tax benefits as per Section 10(10D) of the said Act.

Policy Loan - Policy Loan is available in Tata AIA Life Insurance Secure 7.

Grace Period - Under this plan, a Grace Period of fifteen (15) days for monthly mode and thirty (30) days for all other modes, from the due date is allowed for payment of each subsequent premium.

Surrender Value - A Policyholder can surrender his/her policy any time during the term of the policy, provided the first full year's premium has been paid.

  • The Surrender value payable is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). Guaranteed Surrender Value = (Guaranteed Surrender Value Factor x Total Premiums Paid) - Survival Benefits already paid, if any

  • Special Surrender Value = Special Surrender Value Factor x [(Number of Premiums paid) / (Number of Premiums Payable during the entire policy term) x (Total Guaranteed Benefits Payable under the plan) - Survival Benefits already paid, if any]

Where, Total Guaranteed Benefits Payable under the plan = Total GAI payable over the entire policy term + Maturity Benefit.

Documents Required for Tata AIA Secure

The documents required to buy Tata AIA Secure plan are:

  • Application Form
  • KYC - Proof of ID and Address
  • Medical Report, if required
  • Proof of Income
  • Bank Mandate/SIP/SI/Auto Debit Application Form

Exclusion under Tata AIA Secure 7 Plan

The exclusions under this plan are:

Suicide Exclusion: In case of death due to suicide by the Insured, whether sane or insane, within 12 months from the date of commencement, the nominee shall be entitled to Total Premiums Paid. In case of death due to suicide by the Insured, whether sane or insane, within 12 months from the date of reinstatement or revival, the nominee shall be entitled to higher of Total Premiums Paid or the acquired surrender value as on the date of death.

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